A proposal has been submitted for a new 5,000-capacity multi-purpose events arena in the English town of Redcar.

The company behind the project, Coatham Arena Limited, hopes that the arena can be opened by 2024. The project would cost £67m (€80m/$92m) and the plans are currently being considered by Redcar and Cleveland Council.

The arena would be built on the site of the former Redcar Bowl, which was demolished in 2014. The venue was used to stage a range of concerts from the 1970s onwards.

The Northern Echo newspaper reports that a deadline for Coatham Arena Limited to present a business plan for the project has been extended. The company has been granted a period of exclusivity by the council and the plans are now poised to move forward.

A council spokesman told the Echo: “The council is able to confirm that documentation has been received outlining the proposed development of the Coatham area of Redcar.

“Our team of experienced officers will now take time to fully consider the plans before advising Coatham Arena Ltd further. The authority has previously paused other plans for the area to give due consideration to the proposed plans for an indoor arena delivered by the private sector.”

A spokesman for Coatham Arena Limited told the Echo that a formal planning application would be submitted as soon as the council “confirms its willingness to make the site available”.

He added: “The scheme has been endorsed by leading performers, promoters and politicians and is regarded as a major catalyst for the regeneration of the area.”

Redcar is located on the Yorkshire Coast, around seven miles from Middlesbrough.